Connect2Agent - Home Buyers and Sellers

There is no such thing as a cookie-cutter relocation

Having moved more than two dozen times in my 34 years, I can speak with confidence when I say there is no such thing as a cookie-cutter relocation. Every situation is different, every move is different and every real estate buyer is different. Some people relocate because of a job, while others relocate because of a divorce. Some real estate buyers are looking for a different venue, while others are moving to be closer to someone.

A recent discussion on Zillow asked the question, "What businesses and services are important to you when buying a home?" I automatically thought about the real estate services a home buyer would be receiving. You know, house hunting, home inspection and lender recommendations, price negotiation ... those services typically involved with the real estate transaction.

Department of Justice frees up access to real estate listings

Reminiscent of an old, familiar lament, the Department of Justice calls for widespread access to real estate listings. What does this mean for real estate consumers? More freedom and more choices.

Before this Department of Justice ruling, real estate brokers had the ability to opt out of allowing their listings on certain real estate websites. Less exposure for real estate sellers, more control for real estate brokers.

Fast forward to the present and now all brokers, both virtual and land-lubbing, can display the good on their websites. Now real estate consumers can choose where they want to roam on the worldwide web--and where they roam, they should be able to view real estate listings. 

This may not seem extraordinary to those who have never had such widespread access to real estate information. To those homeowners, real estate buyers and sellers who were involved in a real estate transaction prior to the widespread use of the Internet, this is the new real estate reality.

Gas prices and the quest for the perfect house

If you are looking to buy a house, are you willing to commute to make that dream happen? Do you need to be closer to work now because of rising gas prices and cost of living? In 2001, when I purchased my first house, our commute to work was still an hour and we gladly bit the cost to enjoy our small, not-yet suburban area in northern Illinois. Today, I would not make that same consideration. Anything outside of a 20-25 minute commute would be a strain on my family's finances. 

My friend Jill sold her house in the country. It took more than a year and two re-listings of the house on the market. She and her family moved to a smaller house that would be closer to her and her husband's jobs and their daycare. They gave up a big yard and an ample-sized house for this move, but with two young children and the desire to travel once in awhile and live comfortably, they made the sacrifice.

The price of gas has such a distinct impact on your everyday lifestyle. Even making plans for a short three-day weekend take a little thought and consideration. This was a fairly quiet Memorial Day weekend for me. Normally, I would pack up the kids and take advantage of the three-day weekend by  spending the mini-break at a water park or other amusement area far enough from home to stay overnight, but close enough for it not to be a true road trip.

Keep your safety net in place when buying a house

Buying a house? One of the most important things you need to do is to set a budget in stone. Homeownership can drain your finances if you go into the deal tapped out from the start. You need to be realistic about the costs of owning a house. 

First are the costs to get into your house:

• Downpayment
• Lender fees
• Attorney fees
• Title company fees
• Government fees
• Inspection fees

Closing costs averaged $2,736 (without the downpayment) in 2007, so you need to make sure you are prepared to pony up those dollars. Then the almighty downpayment, which you should consider at least 10% of the purchase price of the home.

Fast forward to homeownership. Now you are in your dream house and sittin' pretty in your living room on your familiar, lumpy, floral-patterned couch. But wait--did you think you would be happy with the same furniture you had in your apartment in your new house? Survey says, "not likely." You will want to do some redecorating, so you might as well put a place in your budget for new home furnishings. Unless you think you can buck human nature.

Charlotte real estate agent Mona Lisa Matthews wants real estate buyers to beware of national real estate hype

If you are thinking about buying a house in the Cabarrus County area, Mona Lisa Matthews--a real estate agent of 19 years--wants you to know, "Now is not the time to sit on the fence. Low interest rates, plentiful inventory and a flourishing economy make it a great time to buy in Cabarrus County."

Matthews is concerned real estate buyers are receiving the wrong message from a local newspaper--which reports on the national doom and gloom of the housing market--with a disclaimer in the form of a small box with the text "In the Charlotte metropolitan area, houses are still going up in value." Matthews shared that most people don't even see the disclaimer and the negative news sticks in their head, making them unsure about purchasing a house for fear of impending price declines.

Recently, Matthews attended a Cabarrus County Chamber of Commerce meeting. One of the speakers was a Wachovia economist who relayed to the audience that he "...hates to come to these meetings where everyone is smiling because there is nothing negative to say about the economy."

The economy is going gangbusters in the Charlotte metropolitan area, Matthews exclaimed. She was able to tick off a handful of new commercial developments coming into the area: a new $10 billion biotech center opening in Kannapolis, a new private school for girls focusing on math, science and technology, a new Embassy Suites, Great Wolf Lodge and the Concord Mills Shopping Center, all located near the popular Lowe's Motor Speedway for NASCAR.

How to find first-time home buyer programs

So you want to be a home buyer. You have been a renter and long to cure your homeownership blues, but don't feel you can scrape together enough funds for that almighty downpayment or closing costs. You are also disheartened to hear about programs you might have been eligible for drying up--like 100% financing--or tightening their reigns to consider only the most credit-worthy candidates.

Where can you take your dream and begin the process of fulfillment? If you don't want to wait and build up your piggy bank, you could look into government grants in your area. If you are a do-it-yourself kind of person, the best bet would be for you to check out the following websites:

HUD's website--You can search for local home buying programs by state.  When I did a search for programs in my home state of Wisconsin on this website, I was able to find a program called Downpayment Plus. 

This program pays up to $5,000 worth of closing costs for eligible home buyers with the following requirements:

• Earn household income at or below 80% of area median income
• Participate in home buyer counseling
• Sign a 5-year retention agreement
• Notify lender of refinance or sale of property, and repay pro rata portion of AHP subsidy as necessary
• Use the home as your primary residence

Three steps to an easier home buying experience (Part II)

Are you in the market to purchase a house, but dreading dipping your feet into the water? In Part I of this two-part series, we discussed how to build your dream by beginning your research process on the Internet. Not only will this help you get the lay of the home buying land, but it can be done on your time frame, on your terms and without any drain on your gold-gilded gas tank.

Next, we recommended you document your findings. Keeping written record of the good, the to-be-desired and the wish-it-were of your housing trips will help you decide whether you need to keep looking or if you can narrow down your choices. Tracking the details will allow you to make an educated decision and save you from serious buyer's remorse.

Need help in keeping all this house information together? That is where we go to Step 3.

Three steps to an easier home buying experience (Part I)

Are you a home buyer flushing out your choices in a real estate market saturated with fat inventory? If so, a little patience and organization can go a long way to help you to get the cream to rise to the top. 

In this first of a two-part series, we will outline a three-step recipe for house hunting success:

Step 1: Start with the Internet. Your first step is to start researching houses online. This is guaranteed to make a difference in your home buying experience. If you are in the real estate market as a first-time buyer, you may not realize the convenience the Internet has brought into a real estate buyer's life. Prior to this, if you wanted to see a listing, you needed to go to your local real estate agent and have them drag out a big hefty book of listings currently in the MLS (Multiple Listing Service).

...Not to mention the fact that you needed to hope the agent was hooked up with new house listings hitting the MLS.

Now, as an Internet buyer, you have the advantage of viewing houses online before you grace the front doorstep of a prospective abode. Take time to view videos, virtual tours and interior photos. Many real estate agents will also set you up on their email program, which will deliver real estate listings that meet your criteria to your inbox.

Not all properties are created equal: What you need to know about defects in foreclosed houses

The real estate market is upending with foreclosure properties. The flood of inventory has spurned a keen interest from real estate buyers who are seeking a good deal.

With every type of real estate transaction, there are unique circumstances. There are also traditional methods and differences that only an expert educated in your needs should be helping you with. There is a difference between buying a house from the homeowner and buying a house from the bank.

A good read on this topic is a post from Kacey Sides and Andy Hodes, "Want to Buy a Foreclosure? Read this First." I recommend this read to anyone interested in purchasing a foreclosure property. As an avid reader of blogs, especially of the real estate kind, I took particular notice of two points made:

1. "Keep your inspection period short."
2. "Don’t ask for repairs."

Relocating? Choose a real estate agent who can read your signs

When you are relocating to another city and/or state, the stress factor kicks up a few notches. It is important to work with a real estate agent who has worked with out-of-town real estate buyers and understands their needs.

Sometimes these needs are expressed up front and are clearly defined. Sometimes the needs of a relocating buyer are found through careful observation. Lynne Eliopoulos, a Connect2Agent member who services the Metro West area of Boston, shares her story of finding a house for an out-of-town buyer by listening and reading between the lines.

"When recently working with a buyer who is relocating to Massachusetts, I paid attention to the buyers' criteria and interest in several particular areas. Since I happened to live very close to the towns the buyers were interested in, I felt very comfortable guiding them through the process.